University of MinnesotaUniversity of Minnesota

MOBILE PAYMENTS[1]

CSCI 5708 1)Tootu kurra

2)Kaustubh Rawoorkar

University of MinnesotaUniversity of Minnesota

Types of mobile payments

Bar Code: Scanned from a cell phone “Loaded” with a pre-paid balance.(Starbucks)

Near Field Communications: Short wireless technology similar to RFID.(European and Asian Markets)

2

University of MinnesotaUniversity of Minnesota

Existing Trends

NFC technology is used for making payments with a cell phone by waving or tapping the phone on a “reader”, a properly equipped terminal at a retail checkout.

Reader scans the smart phone and completes the transaction using the credit card information,

3

University of MinnesotaUniversity of Minnesota

Replace Existing Models

The shift to smartphones and, more importantly, the accompanying consumer awareness and acceptance is driving home a new technological reality.

In the past, a magnetic stripe was required to seamlessly move payment information between buyers and sellers which raised security issues.

4

University of MinnesotaUniversity of Minnesota

System Architecture

5

University of MinnesotaUniversity of Minnesota

Merchant Benefits

Faster transaction time High security and trust in the MP service Integration/simplification of existing

payment approaches

6

University of MinnesotaUniversity of Minnesota

Customer Benefits

Trusted and secure solutions (at technical and social level)

Being able to pay “anywhere,” “anytime” and in any currency

Support for micro/mini and macro payments selectable per payment provider

Real-time status of MP transactions

7

University of MinnesotaUniversity of Minnesota

Underlying Topics

Transaction processing Security

8

University of MinnesotaUniversity of Minnesota

Thank You!

9

University of MinnesotaUniversity of Minnesota

[1]Swiping Is the Easy Part, TARA SIEGEL BERNARD and CLAIRE CAIN MILLER, New York Times, March 23, 2011, URL http://www.nytimes.com/2011/03/24/technology/24wallet.html?_r=1

10